Automotive Smart Keys Market: Current Analysis and Forecast (2021-2027)

Report Description

Automotive Smart Keys is expected to witness CAGR growth of more than 8% during the forecast period 2021-2027. Smart key in the automotive sector have gained its popularity in the past few decades, owing to its increased security advantages. Automotive OEMs are adopting similar features in their budget cars as implemented in the high-end luxury cars segment. Companies such as Honda, are investing in developing smart keys for their budget cars offerings. In addition, emergence of advanced technology, which make use of radio frequency signals and converts it to digital information, have popularized the adoption of smart keys in the automotive sector, which is expected to provide ample growth opportunity for the smart key adoption in all kinds of vehicles. Furthermore, growth in the number of vehicle theft is further expected to increase the demand with biometric system for vehicle security. In 2018, New Zealand had the highest car theft rate worldwide, with 1,172 occurrences per 100,000 inhabitants. Other countries with the highest car theft rate were Uruguay, Italy, and the United States.

Key Technologies for Automotive Digital Transformation, 2020 (%)

Insights Presented in the Report

“Amongst Technology, Passive Keyless Entry Systems (PKES) segment dominates the market”

Based on Technology, the Automotive Smart Keys Market is segmented into Passive Keyless Entry Systems (PKES), Remote Keyless Entry System (RKES). Currently, majority of the smart key technologies are based on passive keyless entry technology.

“Amongst Application, Multi-function smart key dominates the market in 2020”

Based on Application, the Automotive Smart Keys Market is bifurcated into Single Function, Multi-function. Multi-function smart key dominates the market, however, with growing technological advancements in the automotive sector paired with growing demand for innovative and enhanced vehicle security system is expected to drive the adoption of single-function smart key segment.

“Amongst Vehicle Type, Luxury-Segment Vehicles segment dominates the market”

Based on Vehicle Type, the Automotive Smart Keys Market is bifurcated into Entry-Segment Vehicles, Mid-Segment Vehicles, Luxury-Segment Vehicles. Currently, Smart Keys is majorly equipped in the Luxury-Segment Vehicles. Overall adoption of multi-function smart key is growing owing to the rising demands for luxury vehicles equipped with advanced safety and security technologies.

“Amongst Sales Channel, OEMs segment dominates the market”

Based on Sales channel, the Automotive Smart Keys Market is bifurcated into OEMs and Aftermarket. OEMs segment dominated the market in 2020. However, Aftermarket segment is expected to witness significant growth during the forecast period. Growing concern related to safety and security of vehicle and drivers are propelling the automotive OEMs to deploy advanced biometric technology in their vehicle.

“Asia-Pacific is expected to witness significant growth during the forecast period”

For a better understanding of the demand of Automotive Smart Keys, the market is analyzed for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific); and Rest of World. Asia-Pacific dominated the market in 2020. Automotive smart key market is witnessing significant growth in the Asia-Pacific owing to growing number of vehicle theft paired with growing demand for luxury/premium cars owing to increased disposable income. Some of the major players operating in the market include Robert Bosch, Continental AG, Qualcomm Technologies, Inc., Hella KGaA Hueck & Co., Denso Corporation, Hyundai Mobis, ZF Friedrichshafen AG, Tokai Rika Co. Ltd, Visteon Corporation, ALPHA Corporation.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Automotive Smart Keys were the three major steps undertaken to create and analyze the demand and sales of automotive smart keys globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Automotive Smart Keys through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Smart Keys, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are technology, application, vehicle type, sales channel. Further regional level analyses were conducted to evaluate the overall demand of Automotive Smart Keys in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing demand for safety and security of vehicle and drivers, growth in sales of luxury vehicles, and technological advancement in the automotive sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Automotive Smart Keys across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Automotive Smart Keys Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Automotive Smart Keys market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, application, vehicle type, sales channel, and region.

The main objective of the Automotive Smart Keys Market Study

The current & future market trends of the Automotive Smart Keys Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Automotive Smart Keys in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include technology, application, vehicle type, sales channel, and Regions
• Defined analysis of the regulatory framework for the Automotive Smart Keys industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Automotive Smart Keys sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry